Indiana Pacers president Kevin Pritchard has signed a deal to buy a $1.8 million waterfront home in Florida's North Bay Village.

But it isn't the house Pritchard wants.

He bought the property — listed as a 9,000-square-foot lot or 0.2 acres — for its expansive views of Biscayne Bay's rippling, blue waters and Miami skyline.

Pacers president Kevin Pritchard will make a winter home on this Florida property.(Photo: Doug Elliman Real Estate)

According to Florida real estate publications, Pritchard will tear down the 2,000-square-foot house built in 1951 that is located on the land.

He will then custom build a 5,500-square-foot, five-bedroom home with a rooftop deck, movie theater, gym, chef's kitchen and wine cellar. The home will be a winter retreat for Pritchard and his family.